What do I need when applying for a Loan?
- A fully completed loan application form.
- Guarantors should be active members and have contributed for at least three months.
- The guarantor’s and applicant’s shares MUST be equal to or more than the loan applied for.
- The member has to attach an original most recent (if possible certified) pay slip which is not more than two months old.
- Outstanding loan by the applicant MUST be cleared before a loan of the same kind is approved unless one is refinancing (bridging).
- A copy of an acceptable form of identification (National ID/Valid Passport) MUST be attached to the application.
- One must have been an active member for at least three consecutive months.
Must I have guarantors when applying for a Loan?
All loans granted by the society must be guaranteed by members of the society. Guarantors and applicant’s shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares one could guarantee him/herself.
What security do I need to acquire a loan?
- Guarantors who should be members of the Sacco.
- Another form of security includes regular remittance such as the monthly savings.
If I clear a loan before its completion date will I be required to pay interest for future periods?
No interest or penalty is charged for clearing a loan earlier than the contracted period if clearance is done through.
How much can I Borrow?
You can borrow three times the amount of your shares.
How long does it take for a member to get a Cheque after Loan application?
Loan processing takes a maximum of four working days which is dependent on availability of all necessary documentations as lodged by a member upon application and the type of loan applied
How do I qualify for a Loan?
To qualify for a loan, you have to:
- Be a registered NACICO SACCO member
- Contribute regularly for at least 6 months
- Have at least three guarantors who are NACICO SACCO members; have been contributing regularly for at least 6 months and total shares for the applicant plus guarantors should be equivalent or more than the loan amount applied.